Case Shiller Home Price Index Shows Rising Prices For May 2013

Case Shiller Home Price Index Shows Rising Prices For May 2013

 

Home ValuesThe S&P/Case-Shiller Home Price Index (HPI) released Tuesday presented solid evidence that the housing recovery continued during the month of May.

 

The Case-Shiller 20-City Index showed increasing home prices for all 20 cities.

 

Highest Year-Over-Year Gains Included Theses Cities:

 

San Francisco, CA 24.50 percent

Las Vegas, NV 23.30 percent

Phoenix, AZ 20.60 percent

Atlanta, GA 20.10 percent

Los Angeles, CA 19.20 percent

In surprising news, Dallas, TX and Denver, CO posted record year-over-year price gains that surpassed their pre-crisis peaks.

 

Year-over-year home prices in Dallas increased by 7.60 percent and Denver home prices increased by 9.70 percent year-over-year in May.

 

Home prices grew by 12.20 percent on a year-over year basis in May; this reading fell short of expectations of 12.40 percent, but moved slightly ahead of April's reading of a 12.10 percent year-over year increase.

 

The Case-Shiller HPI is based on a three-month rolling year-over-year average of home prices in the cities surveyed.

 

Cities Post Month-To- Month Price Gains 

 

On a seasonally-adjusted month-to-month basis, home prices rose by 1.00 percent in May as compared to April. Expectations were for a 1.40 percent increase over April's reading, which came in at 1.70 percent.

 

Top Gains From April To May Were Posted By These Cities:

 

San Francisco, CA 4.30 percent

Chicago, IL 3.70 percent

Atlanta, GA 3.40 percent

San Diego, CA 3.10 percent

Seattle, WA 3.10 percent

Analysts noted that home prices for two metro areas in Florida surpassed year-over-year gains in Washington, D.C.; this illustrates home values shifting geographically.

 

Miami home prices posted a month-to gain of 2.00 percent and a year-over-year gain of 14.20 percent.

 

Tampa, FL home prices posted a month-to-month gain of 1.80 percent on a year-over-year gain of 10.90 percent.

 

Washington, D.C. home prices gained 2.00 percent month-to-month in May, but only gained 6.50 percent year-over-year.

 

Rising Mortgage Rates Could Slow Price Momentum

 

It's important to understand that the data in the Case-Shiller HPI lags a couple of months behind current market conditions; the latest numbers were compiled prior to mortgage rates spiking. Economists expect that the impact of higher mortgage rates won't be seen in home prices until fall.

 

Higher mortgage rates are expected to slow home sales. If the demand for homes falls due to higher mortgage rates, inventories of available homes would expand, which would create competition among home sellers and potentially lead to lower home prices.

 

For any questions regarding your mortgage rate and buying a home feel free to contact your trusted mortgage professional today.

For help or questions contact:

Joe Gonzalez

Senior Loan Consultant -  NMLS #126036
GMH Mortgage Services, LLC
625 W. Ridge Pike, Building C, Suite 100 | Conshohocken, PA  19428 | Direct: 610-355-8039 |  Cell: 610-739-6563

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Comment balloon 1 commentJoe Gonzalez • July 31 2013 07:29AM
Case Shiller Home Price Index Shows Rising Prices For May 2013
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